The association [FITSPA] emerged as a runner-up in the Leadership in Regulatory and Policy Impact Award category. Notably, there are six other categories; Excellence in Fintech and Startup Support Award, Excellence in Capacity Building and Talent Development Award, Innovation in Industry Reports and Knowledge Sharing Award, Best Initiative for Consumer Protection and Growth Award, Outstanding Event of the Year Award, and Outstanding DFA of the Year Award.

The awards honor and celebrate excellence and amplify the influence and reach of DFAs. The awards underscore the vital role DFAs play in building the ecosystem, demonstrating their enormous value and capacity to influence.

FITSPA Uganda has been a key advocate for the inclusion of the fintech ecosystem in regulatory and policy frameworks established by key regulatory bodies. Through its persistent efforts, the association has ensured that fintech players across the country have a voice in shaping policies that directly impact innovation, growth, and consumer protection within the sector. By actively engaging with regulators, FITSPA has contributed to the creation of a more enabling environment that balances innovation with regulatory oversight, fostering the growth of a thriving and inclusive fintech ecosystem.

Uganda’s fintech sector has witnessed remarkable growth, thanks in large part to the pivotal role played by the association (FITSPA). As a champion of innovation and inclusivity, FITSPA has spearheaded several initiatives to shape a conducive regulatory and policy environment. By bridging the gap between regulators and fintech innovators, FITSPA has positioned Uganda as a trailblazer in creating a forward-thinking ecosystem that supports sustainable growth in the digital finance landscape.

One of FITSPA’s key achievements is its advocacy for the licensing of digital lenders through the Uganda Microfinance Regulatory Authority. This milestone ensures that digital lenders operate within a regulated framework and fosters trust and accountability within the sector. Additionally, FITSPA’s support in developing Tier 4 Digital Lending Guidelines demonstrates its commitment to creating an inclusive and responsible digital lending ecosystem. By helping regulators understand digitization and data-sharing, FITSPA is paving the way for robust financial practices that benefit consumers and businesses.

FITSPA’s influence extends beyond digital lending to the broader fintech landscape. Its collaboration with the Financial Intelligence Authority to establish a risk assessment framework for virtual assets has strengthened the sector’s alignment with global compliance standards. Furthermore, FITSPA has been instrumental in guiding fintech companies through the complex process of obtaining licenses from the Central Bank of Uganda, ensuring seamless navigation of regulatory requirements. These efforts collectively highlight FITSPA’s unwavering dedication to fostering a resilient, innovative, and globally competitive fintech sector in Uganda.

See also: Dr. Twinemanzi: The future of fintech in Uganda and the broader digital economy relies heavily on collaboration

The DFA Awards spotlights the transformational initiatives and leadership of DFAs and their role in shaping the future of the global fintech landscape. From capacity building and startup support to regulatory advocacy and consumer protection, DFAs are at the forefront of creating sustainable impact and advancing finance inclusion. Their work empowers professionals, strengthens ecosystems, and propels the industry toward responsible and inclusive growth.

As national leaders, DFAs offer unparalleled access to extensive networks and informed industry insights. They advocate for enabling regulatory environments, cultivate strategic partnerships, provide technical assistance, establish standards for market conduct and practice, and enhance capacity within the profession. These efforts are pivotal in fostering collaboration, driving fintech innovation and growth, and enhancing ecosystem resilience.

The post AllianceDFA Honors FITSPA Uganda at the DFA Awards for Advancing Digital Finance and Fintech Innovation appeared first on PC Tech Magazine.

Muramuzi also revealed that BCC is advancing in renewable energy through its solar division, specializing in solar power design, supply, installation, and power consumables. “We are leveraging solar energy to promote sustainability while offering smart building technologies through our Building Management Systems. This ensures greater efficiency in modern infrastructure,” he said.

He further highlighted BCC’s focus on power systems, including the design, supply, installation, and maintenance of generators, transformers, Uninterrupted Power Supply (UPS) systems, and low-voltage distribution panels. In addition to designing, supplying, maintaining, and repairing these systems to ensure long-term efficiency, BCC also provides reliable and affordable internet services. This approach extends to other power infrastructures, including cables and distribution panels. BCC is also making significant strides in mechanical services, including the installation of heating, ventilation, and air conditioning (HVAC) systems, as well as water management solutions. These services include water treatment, wastewater systems, and advanced distribution networks, all tailored to meet diverse industrial needs.

BCC’s solutions have been adopted across multiple sectors, including government, banking, education, healthcare, and telecommunications, where the demand for secure and efficient systems continues to grow.

“With over 300 active clients, we are driving transformation in critical industries while positioning ourselves as the go-to systems integrator for connectivity, Enterprise IT solutions, Mechanical & Electrical solutions, Automation & IoT amongst others,” noted Muramuzi.

BCC’s comprehensive approach to connectivity and IT solutions is commendable. By integrating connectivity, ICT solutions, mechanical and electrical solutions, IoT, and automation, the company positions itself as a leading systems integrator, playing a pivotal role in Uganda’s infrastructure development. BCC is not only meeting the demands of its clients but also contributing to the country’s broader economic growth.

The post Blue Crane Communications Broadens Horizons with New Industry Ventures appeared first on PC Tech Magazine.

Patrick Mweheire, Standard Bank Group’s Regional Chief Executive for East Africa said the bank is delighted to welcome Mumba to the Standard Bank Group—in particular, to the Stanbic Bank Uganda team. “His extensive experience in the banking sector and understanding of this market, coupled with his leadership expertise, makes him ideal to lead our business in Uganda,” he said. “The Board is confident that his strategic thinking, business acumen, and passion for excellence will continue to drive growth, innovation, and customer satisfaction.”

Mumba brings to the team nearly 30 years of post-qualification experience, 20 of which have been in the banking sector, mostly in senior leadership roles covering business development, risk management, strategy formulation, and finance strategy in three African markets including Botswana, Zambia, and for the last five years—Uganda.

“I am pleased with the opportunity to embark on this new challenge,” said Mumba. “Together with the other leaders across the organization, I am looking forward to building on the bank’s solid foundation and contributing to the purpose of driving Uganda’s growth, creating even more shared value for all stakeholders.”

Damoni Kitabire, Board Chairman, Stanbic Bank Uganda said the bank has enjoyed a strong growth journey in recent years and they are confident that under Mumba’s leadership, the bank will continue to experience even more success as they execute their commitment to drive Uganda’s growth.

Mumba holds a master’s degree in business administration (MBA) from Herriot Watt University (Scotland) and is a Fellow of the Association of Chartered Certified Accountants (United Kingdom) and the Association of International Certified Professional Accountants (AICPA, UK).

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“At Double Q, we understand that our customers’ needs are unique and diverse. That’s why we have curated these three models to cater to different industries and applications —from construction to logistics, agriculture to mining, we have a Sinotruk model that is tailored to meet your specific needs,” Richard Musani; Head of Marketing at Double Q told the press during the launch that was held at Double Q head offices in Busega.

Tang Wenjum, Country Manager of Sino Truck International Group in Uganda, highlighted the growing demand for construction and logistics equipment. Uganda’s ambitious construction projects have created a robust need for reliable, high-performance vehicles to support the transportation of materials and equipment. Sino Truck’s new offerings aim to bridge this gap and position itself as a key enabler in the construction and logistics sectors for the country’s evolving infrastructure needs.

Speaking on behalf of the Minister of Works and Transport, Hon. Gen. Katumba Wamala, Kajuna, the Director of Transport in the Ministry of Works and Transport, highlighted this development’s significance for Uganda’s economy and infrastructure. “This occasion reflects the progress the government is making, including partnerships that support the development of Uganda’s transport and construction sectors, which are key drivers of our national agenda,” he said. “The introduction of new models of Sino trucks in Uganda is poised to transform the transport and logistics landscape, creating jobs, boosting local capacity, and contributing to the national economy.”

The new Sino truck models; Howo Max Tractor, Howo NX Cargo, and Howo M7 Light Cargo have been designed with Uganda’s unique terrain and requirements in mind —and they feature reduced emissions and advanced safety features, which align with the country’s national sustainability goals.

Kajuna urged Double Q to place a strong emphasis on vehicle safety and driver training. The emphasis on sustainability and safety aligns with Uganda’s broader goals of modernizing its infrastructure and ensuring the welfare of its citizens. “Vehicle safety is of paramount importance to the government,” he told the press on the sidelines of the launch event, encouraging the company to integrate advanced safety features and provide training clinics for drivers and operators. These efforts, he said, would not only enhance road safety but also help reduce costs for vehicle operators.

The training clinic programs aim to equip drivers and operators with the skills needed to navigate advanced Sino trucks, integrate new technologies, and ensure optimal vehicle use. By fostering education and innovation, Double Q contributes to a safer, more efficient transportation ecosystem in Uganda, heralding a promising future for the sector.

The new Sino trucks, unlike secondhand alternatives, represent a step toward modernization and sustainability. With this venture, Double Q is set to enhance accessibility to quality goods and services while promoting the use of advanced technology in Uganda’s transport sector. The Ministry has encouraged Ugandans to support this initiative by purchasing these products.

• The Howo Max Tractor Truck is a New Generation all-rounder offering Maximum reliability, Efficiency, Safety, and Comfort. It has been designed for heavy-duty applications and boasts a golden powertrain with a powerful MC engine equipped with 430 horsepower, an advanced transmission system, and enhanced safety features. This truck is perfect for long-haul transportation, construction, and mining industries.
• The Howo NX Cargo Truck with Germany Technology is a first choice for cross-border goods transportation is built for versatility and reliability, offering a range of engine options, improved fuel efficiency, and increased payload capacity. This truck features cutting-edge technology from Germany, ensuring unparalleled performance and efficiency.
• The Howo M7 Light Cargo Truck is engineered for comfort and performance, featuring a modern design, advanced safety features, and improved fuel efficiency. This truck is ideal for urban transportation, logistics, and small-scale businesses.

Meanwhile, the event also marked a significant milestone, showcasing Uganda’s commitment to fostering a business-friendly environment that attracts investors and supports economic growth. According to Kajuna, the government has active policies and infrastructure to encourage investments aligning with the country’s broader development objectives. By celebrating such advancements, Uganda underscores its readiness to embrace modern solutions that drive progress.

A key highlight of Double Q’s initiative is the establishment of an assembly plant in Masaka. This development aligns with the government’s emphasis on standard compliance and directly contributes to local job creation and economic empowerment.

Concluding the ceremony, Kajuna reflected on the broader implications of the launch. “The launch of new Sino trucks in Uganda is not just a celebration—it is a celebration of Uganda’s potential for growth and development. Let us continue to work together to build a brighter future for all Ugandans,” he said.

Double Q is the leading and authorized distributor of Sino trucks and XCMG road equipment, as well as spare parts and accessories for heavy machines and trucks in Uganda.

See also: Eng. Dr. Timothy Tibesigwa launches GWM showroom and flagship Tank 500 SUV in Uganda

The post Double Q Launches New Models of Sino Trucks in the Ugandan Market appeared first on PC Tech Magazine.

In 2020, 60% of Africa’s population was under 25 and its tech-savvy youth population is set to double by 2030, making up 42% of the world’s youth. This represents a significant opportunity to expand Africa’s tech talent pool, create broad-based jobs within the AI industry, and drive economic growth.

Africa’s AI ecosystem is home to more than 127 hubs with South Africa hosting the largest concentration (22%), followed by Nigeria (12%), Egypt (12%), and Kenya (10%) all of which play instrumental roles in overcoming barriers and accelerating economic and talent development.

The report highlights six components of a cluster driving AI innovations in Africa: grassroots AI communities, academia, human capital, policymakers, Big Tech, and investors. Among them, grassroots AI communities comprising data scientists and AI professionals have emerged as a strong nucleus for Africa’s AI landscape. Groups like Data Science Africa, Deep Learning Indaba, and Data Science Nigeria are shaping the future by building skills, showcasing African AI research globally, attracting investments, and creating jobs. The communities bring people and ideas together, connecting local talent with global opportunities, from international events to everyday WhatsApp chats, sparking growth and innovation across the continent.

Using qualitative and quantitative methods to uncover key insights, it is assessed that while the grassroots initiatives remain critical in bridging the continent’s AI skills gap, offering upskilling opportunities and job placements, limited resources constrain their potential. This highlights a collective drive by all components of innovation clusters is essential to advance a thriving ecosystem.

To achieve this, the report offers the following recommendations:

• Academia should expand AI programs, train more professors, and align university curricula with industry needs.
• Policymakers and African governments should develop comprehensive national AI strategies that balance innovation with ethical safeguards.
• The government should also prioritize infrastructure development such as reliable electricity, affordable internet, and better data access to support AI growth.
• Big Tech should foster fair partnerships that empower local ecosystems, prioritize knowledge transfer, and protect data sovereignty.
• Investors should diversify funding beyond health and agriculture to unlock AI’s potential in other critical sectors including education and financial inclusion.
• Donors should invest heavily in human capital development initiatives, particularly those focused on youth employment. They fund training programs, scholarships, and fellowships that aim to build a pipeline of skilled AI professionals.

Commenting on the report, Abbie Phatty-Jobe, Research and Engagement Manager at Caribou Digital, said AI harnessed collaboratively has the power to positively shape the African employment landscape and boost the economy.

“In collaboration with our research partners, we have explored emerging clusters within the distinct context of Africa to address critical challenges and accelerate development; their success depends on a collective strategic approach that tackles inclusivity and targeted investment in local talent and infrastructure,” Phatty-Jobe explained in a press statement. “By empowering grassroots communities, strengthening academia-industry ties, and fostering equitable partnerships, we can build an AI ecosystem that truly reflects Africa’s unique strengths and aspirations.”

Speaking about the key role of grassroots communities in driving innovations, Wadzi Comfort a researcher and digital economy expert, noted that the emergent AI innovation clusters across Africa showcase remarkable ingenuity and potential in the face of scarce resources.

“Tech-savvy, motivated young people; —our greatest asset emerging from Africa’s youth population boom; are spearheading local AI-powered solutions to address local challenges, demonstrating exceptional agency and creativity,” said Wadzi. “These innovations span a wide spectrum, including AI-powered diagnostic tools, Informal educational academies, Large Language Models (LLMs) in local languages, community-driven knowledge-sharing platforms, and collaborative tech convenings.”

Wadzi further says youth-driven initiatives and their innovators merit substantial support and resources to accompany their agency and foster their growth and impact.

Private investors, African governments, and donors not only provide crucial financial resources but also shape the direction of innovation by prioritizing specific areas of investment. Venture capital for DeepTech startups has soared from USD$86 million (approx. UGX315.33 billion) in 2015 to USD$1.2 billion in 2023, with over 300 investors—65% based in Africa—and 127 innovation hubs driving growth.

Key government initiatives, like Nigeria’s AI Research Scheme and South Africa’s AI Institute, alongside philanthropic support from the Mastercard Foundation and Bill & Melinda Gates Foundation, will keep creating an environment that addresses local challenges, drives innovation, and positions Africa at the forefront of AI technology.

The report employs the snowball research method to conduct in-depth interviews with 25 African AI experts, including policymakers, educators, and industry leaders, uncovering the state, challenges, and opportunities for AI innovation clusters. It also highlights insights from 18 young tech professionals involved in AI or tech fields from Zindi, Africa’s largest data science community, on their skills, job prospects, challenges, and AI’s impact on employment. Additionally, the report includes a comprehensive review of academic studies, policy documents, and reports on AI, innovation clusters, and youth employment across Africa.

Editor’s Note: To download the full report (HERE).

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Held at the Cape Town International Convention Centre, the summit was organized by TotalEnergies in partnership with AWS Startups, Technology Innovation Agency, GIZ SAIS, ESquared Investments, Wesgro, and The City of Cape Town.

Alderman James Voss, Mayoral Committee Member for Economic Growth in the City of Cape Town expressed his delight at being present at the event, describing Cape Town as South Africa’s leading tech ecosystem and he highlighted the importance of ensuring innovation and investment opportunities meet through catalytic partnerships that promote unique African designed solutions geared at solving world problems.

During his welcome address, Viarnaud acknowledged that the last two years have been tough for both founders and investors navigating the funding winter while they focus on solving complex problems. He reminded investors, startup founders, and ecosystem builders in the room that a downturn in the economy is a good time to invest, especially when it comes to investing in the African tech asset class. He said;

Now is the time to invest, Africa is not waiting for the future, we are shaping it.

Viarnaud reflected on the early days of AfricArena in 2017 when only about USD$300 million (approx. UGX1.097 trillion) in funding was flowing into the African continent; he highlighted the remarkable growth, noting that venture capital funding has now surpassed $2 billion this year.

His message to founders, investors, ecosystem organizations and government is that we must, “Believe we will prevail as an African tech ecosystem for if we believe we can build better, aim higher, think big and don’t go home, the investors will follow us because if we are long on this asset class, this asset class will ultimately lead.”

Over 100 startups from 31 African countries, including the TotalEnergies Startupper Challenge winners attended the summit and 45 were selected to pitch their ventures. Nine (9) out of the 45 startups emerged as winners among Africa’s best tech startups in their respective categories —and each won USD$25,000 (approx. UGX91.5 million) in AWS Activate credits.

The AfricArena Grand Summit winners were:

1. Best AI and Deep Tech Startup Award: OkHi (Nigeria).
2. Best Agri Tech Startup Award: Djoli (Ivory Coast).
3. Best Fintech Startup Award: Joro Cash (Morocco).
4. Best Climate Tech Startup Award: Gjenge Makers (Kenya).
5. Best SaaS Startup Award: Cynoia (Tunisia).
6. Best Seed Startup Award: Letsoela Agro-Aviation (Lesotho).
7. Best Startupper Award: Anda (Angola).
8. Most Value Add Investor Award: Knife Capital.
9. Most Promising Entrepreneur: Gael Egbidi (Togo).

Roger Norton, Chief Product Officer at OkHi was thrilled his startup won the Best AI and Deep Tech Startup Award in Africa. “We do address verification in an unsexy, regulated environment, and winning the top AI startup award is great validation that you can apply cutting-edge technology in typically slow-moving sectors.” He added, “Particularly to help accelerate digital transformation and enable economic agency for even the most disadvantaged communities.”

Solimi co-founder and CEO Gael Egbid was overwhelmed with her win. “I feel very proud and happy—this is huge for me, my country, and my company,” she said. “Being recognized as the Most Promising Entrepreneur means a lot because it highlights the innovation coming from Togo here in South Africa, where we have so many amazing startups. I want to thank AfricArena, my country, and my company for this incredible honor.”

Stunned at winning the best investor pitch, Ayanda Bolani, an Investor Associate at Knife Capital accepted the Most Value Add Investor Award on behalf of Knife Capital. “This is a very beautiful moment of recognition,” said Bolani.

Keet van Zyl, co-founder, and partner at Knife Capital, shared the significance of winning the Most Value Add Investor Award, highlighting Knife Capital’s commitment to supporting their portfolio companies beyond just providing capital. He emphasized that focusing on not only funding but also providing companies with networks helps to add strategic value and validates Knife Capital’s approach to attract quality companies seeking investors who contribute more than just funding.

Van Zyl also noted the pride in having team members represent the firm, reflecting its growth and evolution.

Knife Capital continues to play a key role in Africa’s tech and investment landscape, including the USD$50 million (approx. UGX182.87 billion) African Series B expansion fund, Knife Fund III, aimed at bridging funding gaps for scalable South African B2B tech companies.

Recognitions like this award reinforce Knife Capital’s leadership in supporting innovation-driven businesses across the continent.

AfricArena has established itself as a leading platform dedicated to creating market access and fostering investment opportunities for a growing community of tech founders, angel investors, corporate innovators, and venture capitalists. Designed with a digital-first mindset, AfricArena operates through a series of high-impact investment deal flow events, tailored interventions, and an open-source platform that champions the principles of open innovation and entrepreneurship.

In just eight years since its launch, they have earned significant credibility within the global tech startup ecosystem, with alumni startups collectively raising over USD$850 million (approx. UGX3.108 trillion) in funding.

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Uganda, through the National Information Technology Authority (NITA) Uganda, has laid 4,387 kilometers of optic fiber cable across 57 districts which I believe is a bold statement on Uganda’s commitment to connectivity. On top of that, 1,567 government sites including MDAs and DLGs are plugged into the National Backbone Infrastructure (NBI) with access to fast, reliable internet which has become a norm, not an exception.

This is more than infrastructure, it’s a lifeline to better public services, especially in health, education, and governance.

See also: Pres. Museveni launches Phase 5 of the NBI to extend internet connectivity to Karamoja, Lango, and Acholi sub-regions

This connectivity is not only about the government but also empowers businesses to innovate, entrepreneurs to thrive, and students to access global learning resources. The ripple effect will be felt in every corner of the economy, fostering a culture of digital inclusion.

Today, the dramatic reduction in internet prices from USD$205 (approx. UGX752,000) in FY 2021/22 to USD$35 (approx. UGX129,000) marks a turning point. Affordable connectivity is no longer a luxury for the elite but a necessary tool for all, democratizing access to information, leveling the playing field for entrepreneurs, and accelerating innovation. In addition, internet penetration has soared from 25% in 2017 to 67%, putting Uganda as a leader in Africa’s digital transformation. This is not just about access; it is about unlocking human potential on a massive scale.

Digital governance

62% of government services have so far been digitized which is a transforming milestone for public service delivery. Gone are the days of endless queues and bureaucratic red tape. From applying for official documents to paying taxes, Ugandans can now access vital services online, in the comfort of their offices and homes. This shift not only enhances efficiency but also boosts transparency and accountability, essential pillars for good governance. It is a model for how governments can leverage technology to serve their citizens better and foster trust.

Empowering education and public access

ICT in education is the cornerstone of Uganda’s digital future. The government has established ICT labs in 1,400 public secondary schools and provided high-speed internet to 485 schools, these are all investments for not only the current generation of school-going ages but the next generations too. It is also an innovation that will produce future creators and innovators, these young minds are being equipped with the skills to thrive in a digital economy, ensuring that Uganda’s workforce remains competitive in a global marketplace.

Furthermore, 37 national libraries and public access centers have been upgraded with ICT facilities to ensure that even those without personal access to technology can still benefit from the digital revolution. This is true inclusivity in action.

Expanding media and mobile coverage

Digital terrestrial TV and radio signal coverage is now at 85% and 90% respectively, and mobile cellular signal coverage reaching 89%, Uganda’s communication landscape has never been more vibrant. This expanded reach ensures that every Ugandan, regardless of location, can access vital information and entertainment, fostering a more informed and engaged citizenry.

Challenges and Opportunities

While the progress is remarkable, there is still work to be done. Expanding optic fiber coverage to all districts, increasing broadband penetration, and ensuring that digital literacy keeps pace with technological advancements are critical next steps.

However, the foundation has been laid, and the momentum is unstoppable. Uganda’s commitment to ICT as a driver of national productivity and global competitiveness is clear. The challenge now is to ensure that this digital transformation benefits every Ugandan, leaving no one behind.

A Future Full of Promise

Uganda’s ICT achievements are more than just technological milestones. They are the building blocks of a brighter, more inclusive future. By continuing to invest in connectivity, affordability, and digital skills, Uganda is not just keeping up with the digital age, it is leading the charge. This is a moment to celebrate, but also a call to action: to dream bigger, innovate further, and ensure that every Ugandan can thrive in this new digital era.

Editor’s Note: The article was written by Caroline Mbolanyi, Communications Officer at Government Citizen Interaction Centre at State House

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The Minister of ICT and National Guidance, Hon. Dr. Chris Baryomunsi, and NITA Uganda Executive Director, Dr. Hatwib Mugasa, presented to the President the expanded coverage of the National Backbone Infrastructure, showing [him] the completed Phases 1 to 4, which cover 4,387km of fibre laid across the country, and the additional 5,845km expected to be laid in Phase 5, covering 63 more districts across the country.

The NBI expansion will bring broadband access to more communities enabling the Parish Development Model (PDM) to thrive. With the PDM Information System, beneficiary validation and progress tracking become faster and more efficient, unlocking opportunities for sustainable development and driving economic transformation.

The NBI Project emphasizes four key sectors intending to modernize households and transform the economy: commercial agriculture, industry, services, and information and communications technology (ICT).

The project also includes last-mile connectivity to over 2,800 sites, such as schools, hospitals, government institutions, parishes, youth and community centers. Furthermore, Wi-Fi coverage will be extended to an additional 1,754 sites nationwide.

The NBI project is a government imitative by the Ministry of ICT and National Guidance through its mandated body National Information Technology Authority (NITA) Uganda, intended to ensure that internet connectivity is available across the country at a reasonable rate.

The project has been supported by the Government of China through a concessional loan and has seen the successful completion of 4 Phases with Huawei Technologies contracted to construct the infrastructure. Following the completion of Phase 4, 1,567 government sites including MDAs and LGs have been connected to the NBI, the price of the internet has reduced from USD$205 in FY 2021/22 to USD$35 in FY2023/24, and internet penetration has increased from 25% in 2017 to 67% in 2023/24.

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Kampala Impact Day 2024, a hybrid event is redefining the entrepreneurial landscape by empowering entrepreneurs with tools and connections to drive sustainable growth. Rooted in the Triple Bottom Line principle—People, Planet, and Profit—the event aims to provide an inclusive platform for social entrepreneurs to drive meaningful change within their communities and beyond. Entrepreneurs also have the opportunity to exhibit their businesses, highlighting innovative solutions that address societal challenges while promoting environmental sustainability and economic growth.

The Kampala Impact Day underscores the importance of collaboration among entrepreneurs, investors, and ecosystem leaders, fostering synergies that amplify impact.

One key activity of the event will be a pitching session, where six (6) entrepreneurs will present their ventures to a panel of potential investors. With only three minutes to captivate the audience, they will showcase their innovations, market potential, and readiness for investment. The stakes are high, as awards await those with the most compelling pitches, including recognition for innovation, teamwork, and business scalability. This competitive segment aims to inspire and reward excellence in social entrepreneurship.

The entrepreneurs that will be pitching include;

1. Ethan Bampeire; Founder of Neexa AI, an AI startup helping businesses sell more and grow effortlessly through automation of marketing and sales.
2. Emmanuel Twesigy; CEO and Co-founder of Everlend Agritech Limited, a B2B digital platform that allows smallholder farmers access climate-resilient food crop seeds for planting. The platform also is an online farmers’ marketplace where agro-produce buyers meet with sellers
3. Steven Kavuma; Founder of Revmake, an energy tech company whose mission is to create a circular economy for lithium-ion batteries that has a positive effect on the planet, people, and profit. They aim to add value by treating used lithium-ion batteries not as waste but as a valuable material for recreation.
4. Wendy Gloria Musiimenta; Founder of Nile Chocolates, a micro-batch company that aims to sensitize the community of farmers and schools about the food science behind cocoa farming and hence promoting value addition at the origin, environmental preservation, but also emphasizing health aspects
5. Doreen Jean Nsasiirwe; Founder of Westlink Delicacy API Group Limited, a startup offering natural, nutritious, and sustainable alternatives to synthetic health products to enhance the health and wellness of its customers while tackling the critical issues of poor health and environmental degradation.
6. Miriam Akoramazima; Founder of Glory Revolution Limited, a startup with a mission to combat malnutrition and food scarcity.

The post The 6 Entrepreneurs Pitching at the 8th Annual Kampala Impact Day appeared first on PC Tech Magazine.

Legal Notice No. 21 of 2024 under the Tier 4 Microfinance Institutions and Money Lenders Act, Cap 61 issued by Finance, Planning and Economic Development Minister Matia Kasaija, recently capped the maximum interest rates money lenders can charge at 2.8% per month or 33.6%.

Economists and the business community have all warned that the capped rates will discourage money lenders from conducting their regular business activities as they secure long-term capital based on prevailing free-market rates. Various economists further raised concerns that some money lending activities could go underground, creating higher risks for borrowers —the opposite of what the government intended to achieve.

“MLAU involves ethical money lenders who have an interest in safeguarding Uganda’s financial systems through ethical credit services to borrowers,” Jonan Kandwanaho, Chair of the Money Lenders Association of Uganda, said during a press briefing at Kingdom Kampala. “This time around, especially as a direct result of this new policy capping rates being introduced at such short notice, the economy is going to tell a different story.”

He added, “The effect will also be felt by the government because the constricted activity will lead to fewer taxes being paid.”

MLAU plays a crucial role in lubricating the gears of Uganda’s economy, particularly in sectors where traditional banking services may be limited or inaccessible. Its members serve as a vital lifeline for small businesses, market vendors, and entrepreneurs who rely on short-term loans to purchase inventory, bridge cash flow gaps, or seize time-sensitive business opportunities.

The Uganda Microfinance Regulatory Authority (UMRA) reports as of September 2023, 1,302 licensed money lenders had extended loans to about 2.5 Million customers, with an outstanding portfolio of UGX1.2 trillion. This substantial figure underscores the sector’s significant contribution to economic activity.

Money lenders often provide the necessary capital for farmers to buy seeds and fertilizers, shopkeepers to stock, and transport operators to maintain their vehicles, to mention but a few —all essential activities that keep the wheels of commerce turning. Moreover, by offering financial services to those who might otherwise be excluded from the formal banking sector, MLAU members contribute to financial inclusion, which is a key driver of economic growth and poverty reduction.

MLAU’s ability to process loans quickly and with flexible terms means that it can respond rapidly to the dynamic needs of Uganda’s vibrant informal sector, which forms the backbone of the country’s economy.

“As we hold these discussions we should also recognize the concerns that led us to this point, and we are willing to work with the regulators to address this,” noted Kandwanaho. “We know that there are individuals within our sector whose practices may not align with the highest standards of ethical lending. We are committed to improving the overall integrity of our industry, working with all stakeholders.”

The Money Lenders Association of Uganda believes that through constructive dialogue and cooperation with regulatory bodies and the government, they can address all concerns, improve industry standards, and continue to serve Ugandans responsibly to safeguard the country’s financial future.

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